Sri Lanka’s Malwatte Valley Plantations makes Rs59mn loss in March 2015 quarter

COLOMBO (EconomyNext) – Sri Lanka’s Malwatte Valley Plantations suffered a loss of 59 million rupees in the March 2015 quarter compared with a net profit of 14 million rupees a year ago as it was affected by the commodities price slump.

The loss per share for the quarter was 27 cents, according to provisional results filed with the stock exchange.

Sales fell 17 percent to 737 million rupees from a year ago with cost of sales at 755 million rupees although lower than the year before.

According to segmental results, the firm’s tea business suffered a loss while rubber and coconut made a marginal gross profit.

Gross profit from other crops like pepper and cinnamon rose to 35 million rupees from 15 million rupees the year before.

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